Obesity Med Device Maker GI Dynamics Files IPO Down Under

Published: Aug 04, 2011

Lexington, Mass.-based medical device company GI Dynamics GI Dynamics Latest from The Business Journals Gastric bypass alternative gets EU nodHuman Capital: People on the Move Aug. 19Medtronic bets on New England startups Follow this company is preparing an IPO in Australia that could raise up to $95 million Australian ($100.4 million US), according to a regulatory filing.

GI Dynamics makes a weight loss device called the Endobarrier Gastrointestinal Liner – a removable, physical barrier that enables food to bypass portions of the intestine. The firm in March announced positive results from studies of the device, a potential non-surgical treatment for obesity and type 2 diabetes.

Last October, GI received European Union approval to market the Endobarrier for 12-month treatments.

Since its founding in 2003, GI Dynamics has raised at least $75 million in venture capital – including a $15 million January, 2010 round that brought in Minnesota-based medical device maker Medtronic Inc. Medtronic Inc. Latest from The Business Journals Medtronic hires Yale to study controversial spine productMedtronic gives Yale .5M to independently study disputed spinal productTarget, 3M, Best Buy among firms rewarding medical clinics Follow this company (NYSE: MDT) as a corporate VC investor. Other backers include Waltham, Mass.-based Polaris Venture Partners Polaris Venture Partners Latest from The Business Journals Slideshow: Top 10 States for Venture CapitalSlideshow: Top 10 States for Venture CapitalThe top 10 most active Boston VC firms last quarter Follow this company , and Advanced Technology Ventures Advanced Technology Ventures Latest from The Business Journals The 5 biggest venture capital deals in Boston, this JulyNuventix closes M funding roundPowerVision gets M, adds Medtronic investor Follow this company , of Palo Alto, Calif.

The Australian regulatory filing did not provide further details of the company’s IPO plans. A link to a prospectus was blocked by a notice stating the document is only accessible to residents of Australia and New Zealand.

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